Finance

Grasshopper Bancorp will target the innovation economy in New York City and other markets across the country.

Just two years after it was founded, Brex Inc. is close to securing new funding at a valuation north of $2 billion, according to people familiar with the matter.

Citigroup can beat consensus expectations in 2020 regardless of higher interest rates or stronger global growth, and is well positioned for potential supply chain shifts in Asia, Goldman Sachs said in an upgrade of the stock to buy from neutral.

Banks and credit unions “push back” against an FCC proposal to limit calls; Miami gets the next assistant the bank says is not intended to replace humans.

Wider net interest margins compared to a year earlier helped make up for a slight decline in loan balances, as nearly two-thirds of banks reported higher profits in the first quarter.

A burgeoning trade war, the U.K.’s planned exit from the European Union and escalating tension between the U.S. and Iran have weighed on market sentiment in recent weeks, Citigroup CEO Michael Corbat said Wednesday.

More than 66% of the banks reported a jump in net income during the first quarter but new risks are emerging in interest rates and underwriting, the Federal Deposit Insurance Corp. said Wednesday.

The bank dropped out of the bidding for the card over profitability fears; returning to the market could boost Barclays' investment bank.

Currently, the maximum a federal credit union can charge on most loans is 18%. But a proposal from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez to lower that to 15% on consumer credit could reduce access, experts said.

It's tempting to reach for higher returns on securities in anticipation of tightening margins. However, that strategy has pitfalls, including underestimating risks or being caught flat-footed by future rate moves.

JPMorgan tells OxyContin maker to take its business elsewhere; reelection tallies are smaller than last year’s.

The California-based institution posted growth in loans but saw net income fall from a year earlier.

During its monthly meeting, the National Credit Union Administration board also approved a proposal to increase CU access to non-member deposits, a move bankers are already railing against.

The two lenders are bucking the trend for the overall industry, which saw year-over-year mortgage growth slide to a 17-year low in March, according to the Bank of Canada.

The McLean, Va.-based institution said that its capital hit a record $2.5 billion last year.

The pace is torrid now, but it could slow if bank stock prices keep rising and one prominent lawmaker’s proposal to restrict share repurchases gains traction.

Galileo Processing has created a digital banking product that seeks to provide wealth managers with the offering they generally lack: an in-house savings account that pays competitive rates.

Prepayments tied to repeated VA loan refinancing activity have had an adverse effect on Ginnie’s mortgage securities that persists despite countermeasures. The government bond issuer is making new plans to address the impact.

The company agreed to buy Charter Bank, which has four branches and $161 million in assets.

Credit unions on the Corda blockchain platform will be able to make payments via EFT with CU Pay, a product the CUSO plans to roll out next year.